Be it enacted by the Senate and House of Representatives of the Philippines in Legislature assembled and by the authority of the same:

SECTION 1. Subsection (b) of section one of Act Numbered Fifteen hundred and thirty-seven, as amended by section one of Act Numbered Fifteen hundred and ninety-nine and section one of Act Numbered Eighteen hundred and four, as amended by section one of Act Numbered Thirty-nine hundred and twenty-three, is hereby further amended so that the proviso added by Act Numbered Thirty-nine hundred and twenty-three shall read as follows:

"Provided, That the Philippine Antituberculosis Society is permitted to hold horse races, with betting, for charitable purposes, on the third Sunday of January, the third Sunday of May, the third Sunday of June, the third Sunday of September, the third Sunday of October, and the third Sunday of December of each year: Provided, however, That whenever any of the dates set herein coincides with the date in which the Manila Jockey Club has the right to hold a race the said club shall be authorized to hold that race the following Sunday: Provided, further, That all profits from the holding of such races, after deducting the expenses, not to exceed fifteen per centum of the gross earnings plus the prizes for the horses, which shall not exceed those usually given for races of this kind, shall accrue exclusively to the funds of the Philippine Antituberculosis Society: And provided, finally, That said society shall be exempt from the payment of municipal and insular taxes for holding said races."

SEC. 2. This Act shall take effect upon its approval.

Approved, September 11, 1933.